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EScroogeJr (< 20)

2006 inflation is 2.5%

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January 18, 2007 – Comments (0)

"The Labor Department reported Thursday that consumer prices rose by 2.5 percent in 2006, the best showing since prices had increased by just 1.9 percent in 2003."

What is the main engine of economic growth? Yes, you guessed it. Statistics. How else could we have a real inflation above 5% and still report any increase of GDP if it were not for our best-in-the-world statistical services? People in the BEA, Labor department, and other such statistical agencies should be getting performance-based bonuses for their excellent work.

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